Transfer over $10,000 to become illegal?

I have always been a cash person and to date I like to pay for many things in cash.
Sometimes I do not wish the third parties to know how and what and where I spend some of my money.
We buy some wine we receive advertisements from others, we buy a nice car we receive advertisements from others, we enjoy the theater we receive others, etc...
Basically our spending habits are being used as data collection for the third parties interested.
Our business card in private names has itemized EOY categories where and what was it spent on. In addition extra justification could be required by financiers in obtaining finance, what is personal and what is spent on business....
Another reason would be for the security reasons. I remember how one collector of gold coins was robbed, mostly bought via online and delivered to his address (whole collection gone).
This could apply to stamps or any jewellery or watches or some collectible antiques and so on....
My concern is the data collection aspect and privacy issue as well as becoming all under the nanny/policing state. I just don't like and trust my data being recorded as transactions and used by whom for what and where....?
So I relate more towards personal spending habits rather than business dealings....why does anybody need to know what and how I spend?

 

I think it stemmed from the vagueness of the wording

 

Lizzie,i don't think you have anything to worry about ..When CBA was in the mid $60 range a while back i had to transfer about 67k into my commsec account but the time for the funds to transfer and be in my account would passed the settlement date..So i had to order the cash from one bank and walk in the local CBA put the money in my trading account..The only problem was when they put the cash through the counting machine it came up 100 bucks short and the banks branch manager came over and wanted to take the money into the main safe room to count it in there ..I just told them until i see the amount in my account and have the receipt in my hand the money does not leave me..It all worked out ended up standing in the safe room money was the right amount ..

 

Safe hand cash transfers work...but I agree the nanny state is growing - harder to get large cash.
Same as @willair I have done cash transfers across the street between banks to overcome the "delays in processing"
They do get concerned with larger amounts....but it's just paper....

 

I've done the same on several occasions - and never felt more conscious then when walking down the street with $20k+ sitting in a green shopping bag.

Once had a plainclothes policeman flip open his badge, when putting the cash into the receiving bank, who thought I was taking it out and asked if I wanted an escort to my car

 

My parents store large cash in their house. And like to pay cash for things - like cars. So much so that they still have thousands in the old notes hidden about their house. Mum was wanting to pay $20k cash in old notes for a car recently. You do get funny looks.

 

Risky behaviour. People talk.
If word got around they would be a target for thieves.
And burglaries often go very wrong.
Marg

 

Its not illegal, just reportable (for now).

Cheers,
Inertia.

 

Agree, but in our business we can no longer make cash payments over $10K (not that we did anyway).

 

Agree, when we ran a small business many years ago, few shops like you, we took all the earnings in cash to bank on regular basis too...
Current business all is electronic, to every cent!

 

Yes but for us in addition the bank wanted to charge higher operation fees around 4% just so someone can use the card.
We had a motel next door so we used to send our customers there to use their ATM to take out and pay cash, as we dealt with small and higher turnover of transactions.
Agree, why we had to be penalized with such high fees for occasional convenience. It was many years back though so perhaps not as advanced technological payments as today too?

 

No. Just that they have to pay bank fees on every card transaction. Too high a percentage for small figures.
Marg

 

You have to distinguish the Bill from the draft Instrument. The exposure Bill has none of the exemptions to which you refer. The instrument can be changed at any time by the government of the day without going back to parliament. If passed into law the Bill sets the stage for the government to effectively eliminate cash (including crypto) transactions over $10,000 from the economy.